Hello Bogleheads,
DW started her single-person LLC for online tutoring and consulting. It has gained some traction and revenue has started to trickle in. I plan to join it next year and offer technical content and advisory services.
I request your guidance on how to optimize its operation for wealth creation. Specifically:
1. Should we get business credit cards? What kind of business expenses can we cover? All of her work is done online, thus the question. A few things I can think of are internet, phone, a portion of cleaning services commensurate with the area of our condo (~10%) she uses for her business. These sums are small; hence I am not sure if it's worth jumping through the hoops.
2. I understand single person LLC is treated as a disregarded entity for taxation. Do we need to get a CPA for filing our taxes or are H&R Block/TurboTax good enough? I have looked at other threads that recommend the latter but this is our first year with this LLC and we want to make sure we do this right.
3. Apart from growing revenues, are there any effective ways to use the LLC to build wealth? I mean from the perspective of tax, estate, etc.
Thank you,
kurious
to op:I request your guidance on how to optimize its operation for wealth creation.
1
Please define "wealth creation" vs earning extra income tutoring and consulting?
2
Per your "business plan", specific, with solid numbers, comparables, etc, is the "wealth creation", which comes from creation of a substantial "net income stream", going to result in a net income of $500k/year? More?
3
The ideas/concepts/etc, you bring up such as; LLC, Business Cards, deductions? etc, are incidental to the main focus of building a substantial "net" income stream that targets "wealth building".
Whether a chain of car washes, laundromats, or McDonald's Franchises, how is this wealth going to be generated?
4
How much is "wealth"?
j
Statistics: Posted by Sandtrap — Sun Dec 22, 2024 1:28 pm — Replies 10 — Views 601